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SOURCE On Track Innovations Ltd (OTI)
- In 2017, OTI distributes globally 10,000 advanced contactless readers to the smart ATM market
- Sales growth of more than 5 times compare to 2016
- OTI anticipate smart ATM sales will rise further in 2018
ROSH PINNA, Israel, Jan. 3, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, in 2017 delivered 10,000 advanced secure contactless readers to the Smart ATM global market. The systems include their unique Uno-6 and Uno-8 contactless NFC readers for smart ATM. OTI Embedded EMV certified contactless readers provide the ATM manufacturers with the ability to identify the account owner and communicate by smartphone.
"Integrated with our innovative cashless readers, ATMs have become a powerful service platform," quotes Shlomi Cohen, OTI CEO, "at OTI, we predict ATM sales to grow substantially in 2018 and look forward to another year of significant growth."
On Track Innovations (OTI) is a global leader in the design, manufacture and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit http://www.otiglobal.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "would," "should," "will," "can" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, and delivery long-term shareholder value. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.
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